Cellebrite DI (NASDAQ:CLBT) Stock Price Up 6.6% After Earnings Beat

Shares of Cellebrite DI Ltd. (NASDAQ:CLBT) were up 6.6% during trading on Friday following a stronger than expected earnings report. The stock traded as high as $11.78 and last traded at $11.6090. 603,601 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 2,259,783 shares. The stock had previously closed at $10.89.

The company reported $0.17 earnings per share for the quarter, beating the consensus estimate of $0.09 by $0.08. The company had revenue of $149.02 million during the quarter, compared to analysts’ expectations of $145.83 million. Cellebrite DI had a return on equity of 15.58% and a net margin of 11.43%.

Trending Headlines about Cellebrite DI

These are some of the CLBT headlines that stood out recently:

• Positive Sentiment: Needham raised its price target to $14 from $12.50 and reaffirmed a Buy rating, implying 28.6% upside from the cited $10.89 price. Needham recommendations
• Neutral Sentiment: Chief Revenue Officer Marcus Jewell sold 393 shares, about 0.09% of his holdings, and retained 426,735 shares. The small sale may have limited significance. SEC filing
• Negative Sentiment: Q4 revenue guidance of $145 million–$150 million is below the $151.6 million analyst consensus, a potential near-term headwind. Full-year guidance of $553 million–$558 million brackets the $556.8 million consensus, but its midpoint is slightly lower. Cellebrite Q3 results and guidance

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Lake Street Capital cut their target price on shares of Cellebrite DI from $21.00 to $15.00 and set a “buy” rating for the company in a research note on Friday, August 14th. Weiss Ratings downgraded shares of Cellebrite DI from a “sell (d+)” rating to a “sell (d)” rating in a report on Thursday, August 27th. Needham & Company LLC upped their price objective on shares of Cellebrite DI from $12.50 to $14.00 and gave the company a “buy” rating in a research report on Thursday. DA Davidson reaffirmed a “buy” rating and set a $15.00 price objective on shares of Cellebrite DI in a research report on Tuesday, September 15th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Cellebrite DI from $20.00 to $16.00 and set an “overweight” rating for the company in a research note on Friday, August 14th. Four equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Cellebrite DI has an average rating of “Moderate Buy” and a consensus target price of $15.00.

Insider Buying and Selling

In other news, CMO David Gee sold 4,323 shares of the stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $11.36, for a total value of $49,109.28. Following the completion of the transaction, the chief marketing officer directly owned 135,281 shares of the company’s stock, valued at approximately $1,536,792.16. This represents a 3.10% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Thomas E. Hogan sold 25,299 shares of the firm’s stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $11.29, for a total value of $285,625.71. Following the transaction, the insider owned 765,249 shares of the company’s stock, valued at $8,639,661.21. This trade represents a 3.20% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 56,909 shares of company stock valued at $641,890 over the last ninety days. Company insiders own 5.70% of the company’s stock.

Institutional Trading of Cellebrite DI

Large investors have recently bought and sold shares of the stock. Nine Ten Capital Management LLC grew its position in Cellebrite DI by 19.8% in the second quarter. Nine Ten Capital Management LLC now owns 4,126,808 shares of the company’s stock valued at $60,251,000 after acquiring an additional 682,933 shares during the period. Wellington Management Group LLP raised its stake in Cellebrite DI by 93.7% during the second quarter. Wellington Management Group LLP now owns 3,049,904 shares of the company’s stock worth $44,529,000 after acquiring an additional 1,475,579 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in shares of Cellebrite DI by 14.7% during the first quarter. Renaissance Technologies LLC now owns 2,860,639 shares of the company’s stock valued at $39,420,000 after acquiring an additional 365,700 shares during the period. Principal Financial Group Inc. lifted its holdings in shares of Cellebrite DI by 33.9% during the first quarter. Principal Financial Group Inc. now owns 2,156,166 shares of the company’s stock valued at $29,712,000 after acquiring an additional 545,334 shares during the period. Finally, Weiss Asset Management LP lifted its holdings in shares of Cellebrite DI by 3,485.3% during the first quarter. Weiss Asset Management LP now owns 1,899,841 shares of the company’s stock valued at $26,180,000 after acquiring an additional 1,846,851 shares during the period. 45.88% of the stock is currently owned by institutional investors.

Cellebrite DI Stock Performance

The company’s 50 day moving average price is $11.61 and its 200 day moving average price is $13.24. The company has a market cap of $2.88 billion, a price-to-earnings ratio of 52.28, a P/E/G ratio of 1.95 and a beta of 1.06.

Cellebrite DI Company Profile

Cellebrite DI Ltd. develops digital intelligence software and services that help organizations access, collect, preserve and analyze digital evidence. Its tools are used to investigate information from mobile devices, computers, cloud sources and other digital systems. The company’s offerings include its UFED platform for extracting data from digital devices, Physical Analyzer for examining and interpreting evidence, and analytics and case-management tools such as Pathfinder and Guardian. Customers include law enforcement, public safety, intelligence and defense agencies, as well as organizations in the private sector.